The IoT Node and Gateway Market is projected to grow at a CAGR of 29%. The market is further expected to reach up to USD 17 Billion during the forecast period 2017-2023. The major driving factors are the growing trends and adoption of the Internet of Things (IoT) and better connection of the internet. It is widely used in various industries by major key players in the market. Also, the growing use of biometric systems in various components such as smartphones and many more are fuelling the market growth.
The sensors are lightweight and compact as well, they are equipped with highly advanced technology that enhances network connectivity. Along with that, the use of IoT devices helps to provide accurate data and also solve complications. The use of wireless devices for contactless and technology such as GPS, Bluetooth, Wi-Fi, and many more are also boosting the IoT Node and Gateway Market Growth.
The IoT node and gateway market overview suggest that the North American region will dominate the market. Countries such as the US and Canada are influencing the market due to the presence of various key players. The growing technological advancements and awareness are improving the IoT Node and Gateway Market growth. However, the Asia-Pacific region will also have a significant CAGR during the forecast period. In this way, the global market of IoT gateway devices will develop the market in the upcoming period.
The drastic impact of COVID-19 disease had a huge on the global market. Various key players shut down their manufacturing units due to the lockdown. However, the shift to the online platform increased the demand for IoT gateway devices. If the disease gets controlled, then the market will have stable growth by the end of the forecast period.
There are various factors that the driving the IoT Node and Gateway Market growth at a significant rate. Especially, the rising demand for advanced technology for better communication is propelling the market. Also, the use of biometric applications is improving the IoT node and gateway market. The uses of wireless technology such as Bluetooth, memory devices, sensors, Wi-Fi are driving the market at an exponential rate.
Several restraints can affect the market of IoT nodes and the gateway market during the forecast period. Along with that technological advances and the use of the Internet of Things (IoT) also increases the concerns regarding the privacy and security of data. Hence, these restraining factors will hinder the market growth during the forecast period.
With the rising IoT Node and Gateway Market Trends, the market will open huge opportunities to the key players. The key players are constantly developing and enhancing their services to increase their brand value. Along with rising use of wireless technology and drastic shift to the online platform will further boost the market.
Some challenges are speculated to hamper the IOT Node and Gateway Market Trends. It will be very difficult to manage the growth in the underdeveloped countries and the rural areas as well. It is because in the rural areas they don’t have much advancement which will be challenging for the players.
With the growing use of smartphones for better network connectivity is propelling the IoT Node and Gateway Market. The Compound Annual Growth Rate (CAGR) of the Global IoT Node and Gateway Market is projected to be at 29%. Hence, the market will grow and reach up to USD 17 Billion during the forecast period 2017-2023. Hence, the key players and investors will gain huge profits in the forthcoming years.
Value Chain Analysis
With the rising use of smartphones and the Internet of Things are going to increase its value. The market will gain huge profit in the upcoming period. Also, various technological advancements by the key players and the growing demand for better internet connection will simultaneously increase the value of the Industrial IoT gateway market.
The IoT Node and Gateway Market is segmented into components and end-user. On the basis of components, the IoT Node and Gateway Market is further divided into the sensor, hardware, memory device, wireless, connectivity IC and others. These sub-segments are further bifurcated into other sub-segments. The hardware segment is divided into the microcontroller, application processor, microprocessor, and digital signal processor.
On the basis of end-user, the IoT Node and Gateway Market is further classified into Telecommunication and IT, Wearable Devices, Healthcare, Defence and Aerospace, Automation and Building, BFSI, Agriculture, Consumer Electronics, and others.
Geographically, the IoT Node and Gateway Market size are divided into Asia-Pacific, North America, Europe, and the Rest of the World. It is anticipated that North America will hold the largest IoT Node and Gateway Market Share during the forecast period. Due to the well-established infrastructure of the network, the region will have exponential growth. Also, the growing security space for IP platforms is enhancing the market growth.
The Asia-Pacific region is projected to have significant growth during the forecast period. It is projected that the Asia-Pacific region will record the highest CAGR for the Global IoT Gateway Market. The rapid improvement in the infrastructure is attracting the key players to invest and operate from these countries such as India and China.
Europe is also expected to have substantial growth during the forecast period. The major reason for the continuous growth is the supportive policies and investments by the key players as well.
The Internet of Things (IoT) Node and Gateway Market is highly fragmented. Various key players are present and developing their services to improve their brand and generate revenue. They do mergers, partnerships, market analysis, acquisition, product launches, and many more to improve their business portfolio. Some of the major key players of the market are-
The overview of the IoT Node and Gateway Market Analysis are as follows-
Report Score and Segmentation
The scope of the report is to give information on the Global IOT Node and Gateway Market. This report contains various aspects affecting the market such as Challenges, opportunities, restraints, and many more. Furthermore, it also gives information about the key players. The information provided in this report is collected from primary and secondary sources.
Frequently Asked Questions (FAQ) :
It is estimated that the IoT Node and Gateway Market is projected to grow at a CAGR of 29 in the upcoming period.
It is estimated that the value of the IoT Node and Gateway Market will further expand up to USD 17 Billion.
The forecast period of the global market of IoT gateway devices is 2017-2023.
The major key drivers of the IoT gateway devices are the enhanced network connectivity and rising use of sensors for biometric applications.
Geographically, North America is projected to dominate the global market of IoT gateway devices.
The major key players in the global market IoT gateway devices are- Intel Corporation (U.S.), Adlink Components Inc. (Taiwan), Stmicroelectronics N.V. (Switzerland), Texas Instruments Incorporated (U.S.), Eurotech S.P.A (Italy), Cisco Systems Inc. (U.S.), NXP Semiconductor N.V. (Netherlands), Aaeon Components Inc. (Taiwan), Advantech Co., Ltd. (Taiwan), Hewlett Packard Enterprise Co. (U.S.), and many others.
The IoT gateway devices are segmented into end-user and components. The components segment is further divided into hardware, connectivity, wireless, sensor, processor, memory devices.